February 20 (SeeNews) - Belgian mineral water bottling group Spadel said on Thursday that it is investing 17 million euro ($15.8 million) in the construction of a new logistics centre and the replacement of two production lines at its production plant in the Bulgarian town of Devin.
The investment will enable the company to meet its growing production needs by 2028, Spadel said in a statement.
"We took the decision to invest a significant sum in the development of the Bulgarian business, because we are convinced that this is a market which has a significant growth potential," Marc Du Bois, CEO of Spadel, said.
Spadel acquired Bulgarian mineral water bottling company Devin in 2017. Since then, Devin has exceeded all its performance targets and has significantly contributed to the performance of the Spadel Group, the Belgian company said.
Founded in 1992 and based in Sofia, Devin bottles and sells a wide range of products including mineral water, spring water and table water under its Devin and Divna brands. The company is also the official distributor of Red Bull energy drinks and fruit-juice brand Granini in Bulgaria.
($ = 0.9269 euro)